[TIp-17] Creation of Zilliqa related markets, pools and adjustment of the pool weights
Responsible for this proposal is Lynn Choy (Switcheo). She is assisted and advised by Coco and Devel (Validators).
Step 1 + 2 - Market Creation and Pool Linking will be proposed onchain right away since no one is affected in a negative way.
Step 3 - Pool Weight Adjustments requires further discussion and will be proposed in a few days.
New markets and pools (Step 1 + 2)
This proposal seeks to create the following markets:
ZIL is the main token of the Zilliqa ecosystem. Pairing it with the BUSD market marks the first on-chain USD stablecoin market for Zilliqa, and is a low-cost way to onboard Zilliqa users onto Demex.
Marketcap of ZIL: >$1.2B
ZWAP is the governance token of ZilSwap and the #5 token on the platform with over $19M in liquidity and a 24h trading volume of ~$300k.
Marketcap of ZWAP: $16M
gZIL is the main governance token of Zilliqa. gZIL is currently the top-ranked token on ZilStream with the highest 24h volume of ~$2M, and is ranked #2 in total liquidity on the platform.
Marketcap of gZIL: ~$96m.
XSGD is a stablecoin pegged to the Singapore dollar, and exists in both ERC-20 and ZRC-2 token standards. XSGD is ranked 3rd on ZilStream with a 24h trading volume of ~$400k, and liquidity of $5.2M on ZilSwap. The XSGD-BUSD pair will also allow XSGD holders access to the BSC ecosystem directly, for the first time.
Marketcap of XSGD: $58M
Pool Weight (Step 3)
For the ZIL/BUSD a pool weight of 5 points is planed in the beginning and will be adjusted in the next bigger round of pool weight adjustments like TIP-17
The current pool system uses 95 points + optional 5 points for partnership promotions. Right now Locklet is granted this partnership promotion which will end in few days. Watch out for another forum post.
We want to continue the 100 point system, but due to the fact that the last change is less than one month old we suggest to increase the total number of pool weights to 105 + 5 partnership promotion.
This would mean that all pools will be reduced by the same relative ratio: ~9,09 %. For example if a pool has an ARP of 50% right now the new ARP would be 50% * (1-9.09%) = 45.45%.
Pool Weight APR New APR* LKT/USDC 5 72.240% 65.672% BUSD/NEO 11 64.456% 58.596% BUSD/SWTH 8 54.523 49.566% BTCB/BUSD 6 46.269% 42.063% BUSD/BNB 10 43.362% 39.420% USDC/SWTH 16 42.742% 38.856% CEL/ETH 3 36.250% 32.954% USDC/ETH 17 33.658% 30.598% BNB/ETH 5 32.875% 29.886% USDC/WBTC 7 31.265% 28.423% BUSD/CEL 4 29.814% 27.104% NEO/ETH 4 28.884% 26.258% WBTC/ETH 4 7.879% 7.163% ZIL/BUSD 5 - 78.970%** ZWAP/BUSD 3 - 47.380%** gZIL/BUSD 2 - 31.590%** XSGD/BUSD 1 - 15.790%**
* Assuming the SWTH price and the total liquidity do not change.
** Based on the assumption of $100k liquidity and a SWTH price of $0.015.
This looks good!
As well as the ZIL assets I think it would be good to have USDT/USDC and USDT/BUSD pairs listed. According to Devel's data presented in the last proposal the USDC/BUSD pair does ok without the LP incentives, so I don't think we would need them for these pairs either. USDT looks like it will be the default stablecoin of the ZIL ecosystem for now, and whatever you think of Tether's practices it is still very widely used on the ETH chain.